Taking the on temperature on inflation, housing and jobs, here what the September economic number tell us, according to an analysis from Eller’s Economic and Business Research Center.

The U.S. median monthly owner cost for homes with a mortgage was $2,035 in 2024, based on the 2024 American Community Survey (ACS) one-year estimates released September 11. This was a 3.8% rise from 2023’s inflation-adjusted $1,960. In Arizona, owner costs increased 5.0% to $1,893. Florida had the largest increase at 8.0%. Flagstaff had Arizona’s highest median owner cost at $2,011, followed by Phoenix at $2,003 and Tucson at $1,744. Over half of homes in the U.S. and Arizona had mortgages—59.7% and 60.6%, respectively. Renter costs also rose, with the national median gross rent (rent plus utilities) increasing 2.7% to $1,487 in 2024. Arizona rental costs were higher at $1,672, though increased just 1.0% from the 2023 median rate of $1,655. Arizona was among 29 states with an increase in median household income in 2024, after adjusting for inflation. Median household income in Arizona was $81,486, up 2.4% from 2023, compared to the U.S. median of $81,604. Arizona’s poverty rate fell to 11.7% in 2024, under the national rate of 12.1%. -Valorie Rice

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The U.S. Consumer Price Index for all items rose 0.4% over the month in August, up from 0.2% in July. Over the year, the index was up 2.9%. The core index (all items less food and energy) rose 0.3% over the month and 3.1% over the last twelve months. Shelter prices (rent, owner-occupied rent equivalent, short-term rentals) were the largest factor in the August monthly increase. The food index was up 3.2% over the year, while energy prices were up just 0.2%. Used vehicle prices were up 6.0% over the year.

For the Phoenix MSA, the all-items index was up 1.4% over the year in August. The core index rose 1.7%. Consumer commodities prices rose 0.2%, while the services index rose 2.1%. Phoenix shelter prices were down 0.1% over the year. – George Hammond

The U.S. Producer Price Index for final demand ticked down 0.1% over the month in August, after rising 0.7% in July. The index was up 2.6% over the year. Final demand goods prices were up 0.1% over the month, while final demand services prices were down 0.2% (driven by pressure on wholesale and retail margins). Core final demand prices (all final demand less food, energy, and trade services) were up 2.8% over the year. The index for processed goods for intermediate demand rose 0.4% over the month, while prices for unprocessed goods fell 1.1% (driven by energy materials). A major factor in the increase in processed goods prices was a surge in prices for aluminum mill shapes. -George Hammond

Total nonfarm employment in Arizona increased by 38,500 jobs over the year in August, with the seasonally adjusted unemployment rate remaining at 4.1%. The U.S. seasonally adjusted unemployment rate increased 0.1 percentage point to 4.3% in August. Arizona non-seasonally adjusted total nonfarm employment increased by 42,100 jobs over the month, slightly lower than the pre-pandemic average of 54,000 jobs. Employment gains were reported in Government (23,400), Health Care and Social Assistance (5,300), Professional & Business Services (4,700), Construction (2,900), Private Educational Services (2,900), Trade, Transportation, & Utilities (1,400), Financial Activities (1,300), Manufacturing (300), and Natural Resources & Mining (100). Job losses occurred in Information (-100) and Leisure & Hospitality (-100), with no changes reported in Other Services. -Delaney O’Kray-Murphy

In August, over the month state unemployment rates were higher in three states, lower in two states, and stable in the remaining 45 states and the District of Columbia, according to the September 19th Bureau of Labor Statistics report. Arizona’s seasonally adjusted unemployment rate remained at 4.1% over the month. South Dakota had the lowest jobless rate in August at 1.9%, while the District of Columbia had the highest unemployment rate, 6.0%, followed by California, at 5.5%. 17 states and the District of Columbia saw year-over-year unemployment rate increases, the largest of which was in Oregon (+0.8 percentage points). Nine states saw decreases, the most significant of which was in Indiana (-0.8 percentage points). The remaining 24 states had jobless rates that were not noticeably different than a year prior.

More than half of the nation’s largest counties experienced employment growth between March 2024 and March 2025. Loudoun, VA, had the largest increase among the 372 counties, with a 3.4% increase in employment over the year, followed by Benton, AR, at 3.2%. In contrast, McLean, IL, had a decrease of 4.2%. Arizona counties included in the Quarterly Census of Employment and Wages (QCEW) report had mixed results: Maricopa County was unchanged over the year, while Pima County posted a 0.3% decrease and Pinal County rose 2.2%. Nationally, employment increased 0.4% for that period. The QCEW press release includes counties with an annual average employment of 75,000 in the prior year, and Pinal County was one of four counties added to the report for 2025. Shifting to wages, Benton, AR, had the largest over-the-year rise in wages for the first quarter of 2025, with a 14.6% increase. Arizona counties also had wage increases, though not as remarkable, with Pinal gaining 5.0%, Maricopa 3.6%, and Pima 2.8%. -Valorie Rice

Job openings were mostly steady over the month in July, with three states reporting a decrease and only one having an increase. The State Job Openings and Labor Turnover Survey (JOLTS) results for July indicated that the job openings rates lowered by -0.9 percentage points in New York, and by -0.7 percentage points in both Florida and Tennessee. California was the only state with a statistically significant increase in job openings, rising 80,000 and having a rate of 4.0%. The Arizona job openings rate was 4.5% for July, up from 4.2% in June. The hires rate increased in only one state (Michigan) and was little changed in all others, while the number of hires was up in three states: Georgia (32,000), Michigan (30,000), and Colorado (19,000). The hire rate for Arizona was 3.9% in July compared to 3.3% for the nation. Total separations rates decreased in two states and increased in two, while the other 46 states and the District of Columbia were little changed. Arizona total separations rate for July was 3.5%, and the U.S. rate was 3.3%. Nationally, the job openings, hires, and total separations rates had little or no change in July. -Valorie Rice